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<h2 id="header-0">Quick Take</h2><ul><li>Non-fungible tokens can now be posted on Facebook and Instagram.</li><li>These social media platforms support 5 wallets and 3 blockchains so far.</li><li>The feature gives users exciting new options. But it also raises many concerns regarding privacy and security.</li></ul><p>Meta <a href="https://about.fb.com/news/2022/05/introducing-digital-collectibles-to-showcase-nfts-instagram/" rel="noopener noreferrer nofollow">brought</a> its NFT feature to more people not so long ago. In the US, you can share non-fungible tokens both on Facebook and Instagram. And in 100&#43; countries in Africa, the Americas, Asia-Pacific, and the Middle East — on Instagram.</p><p>Facebook is the biggest social media platform, with <a href="https://www.statista.com/statistics/272014/global-social-networks-ranked-by-number-of-users/" rel="noopener noreferrer nofollow">2.91 billion MAUs</a> as of January 2022. Instagram is #4 so far. In Q2 2022, <a href="https://www.statista.com/statistics/947869/facebook-product-mau/" rel="noopener noreferrer nofollow">3.65 billion people</a> were using at least one of Meta’s products. So, NFTs on these platforms have a chance to go mainstream. But there are some security concerns and unanswered questions.<a href="https://oneart.digital/" rel="noopener noreferrer nofollow"> OneArt</a> dives into the topic to understand what’s wrong with the Meta NFT option.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/7d57d28d705642b2bc70d8c6268e274c.png" /><em>Source:<a href="https://www.instagram.com/p/Cg1wA01l3NX/" rel="noopener noreferrer nofollow"> &#64;zuck</a></em></p><h2 id="header-1">Key things to know</h2><ul><li>Users can share their items and post them across Instagram and Facebook.</li><li>There’s no need to tag the collector and creator manually. The system will do it.</li><li>There are no commissions for posting.</li><li>Crypto wallets have to be connected to Facebook/Instagram. Currently, Coinbase, Dapper, MetaMask, Rainbow, and Trust Wallet users can access the feature.</li><li>Ethereum, Flow, and Polygon-based NFTs are supported.</li></ul><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/02f9a964310d4f4497d7f681490c0f1d.png" /><em>Source: Instagram blog</em></p><h2 id="header-2">The pros</h2><p>✅ With its huge audience, Meta can help non-fungible tokens boost mass adoption.</p><p>✅ Creators can increase their reach significantly and get out of the crypto walled garden.</p><p>✅ Collectors get two more places to showcase their collectibles.</p><h2 id="header-3">So, what are the main concerns?</h2><h3 id="1-no-anonymity">1.     No anonymity</h3><p>Again, you need to connect a wallet to Meta’s platform. It means the company will know who owns the assets. Thus, there’s no anonymity. As users point out, it looks sort of the Know-Your-Customer procedure.</p><h3 id="2-you-can-t-be-sure-meta-collects-only-public-data">2.     You can’t be sure Meta collects only public data</h3><p>You don’t know for sure that the company doesn’t collect additional private information.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/411631d72c524e0bb59a705655671d5b.png" /><em>Source: Instagram</em></p><p>Meta had too many huge data breaches and misuse cases (see point 2). The trust has been undermined significantly.</p><h3 id="3-meta-security-and-data-misuse-issues">3.    Meta security and data misuse issues</h3><p>We all remember too well how Meta handles user data. The <a href="https://www.theguardian.com/technology/2019/mar/17/the-cambridge-analytica-scandal-changed-the-world-but-it-didnt-change-facebook" rel="noopener noreferrer nofollow">Cambridge Analytica case</a> didn’t change the company’s approach. Then, the company managed to collect the personal data of millions of Facebook users via a quiz.</p><p>Later, new vast data breaches followed. For example, in 2021, the data of <a href="https://www.businessinsider.com/stolen-data-of-533-million-facebook-users-leaked-online-2021-4" rel="noopener noreferrer nofollow">more than 500 million users</a> were leaked. Hackers posted their names, bios, locations, emails, and phone numbers.</p><h3 id="4-what-about-a-new-type-of-ads">4.     What about a new type of ads?</h3><p>Seems no rules and promises can stop Meta from collecting user data to target them with ads. According to <a href="https://techcrunch.com/2022/08/04/meta-is-expanding-nft-support-on-instagram-to-100-countries/" rel="noopener noreferrer nofollow">TechCrunch</a>, Meta isn’t going to implement an option of making Instagram and Facebook NFT ads for now.</p><p><em>‘For now’</em> is the key word. We can hardly imagine that a company making a fortune on advertising would miss such an opportunity to cash in. (In Q4 2021, its revenue totaled $33.67 billion, and ads made <a href="https://www.investopedia.com/ask/answers/120114/how-does-facebook-fb-make-money.asp" rel="noopener noreferrer nofollow">97%</a> of it).</p><h2 id="header-4">Closing thoughts</h2><p>We aren&#39;t sure Facebook and Instragam will become social media for the NFT community. Anyway, entrusting your wallet to a company with so many data breaches and misuse cases may be a bad idea.</p><p>Some crypto &amp; NFT community members <a href="https://nftevening.com/meta-announces-nft-integration-for-the-us-but-it-will-kyc-your-wallet/" rel="noopener noreferrer nofollow">think</a> using a burner wallet might help. It’s a separate wallet used to interact with some unaudited dApps or mint non-fungible tokens. In fact, it’s just a new wallet where you don’t store much crypto — just some assets enough to mint NFT.</p><p>Creating a burner wallet doesn’t mean you can give its security up. You won’t be able to retrieve your hacked wallet, so follow <a href="https://oneart.digital/en/blog/how-to-retrieve-your-hacked-crypto-wallet" rel="noopener noreferrer nofollow">our tips</a> to secure yourself in the crypto space.<br /></p><h3 id="follow-official-oneart-channels-to-find-the-latest-info-and-updates">Follow official OneArt channels to find the latest info and updates:</h3><ul><li><a href="https://twitter.com/art_wallet" rel="noopener noreferrer nofollow">Twitter</a></li><li><a href="https://t.me/art_wallet" rel="noopener noreferrer nofollow">Telegram Group</a></li><li><a href="https://t.me/artwallet_official" rel="noopener noreferrer nofollow">Telegram Announcements</a></li><li><a href="https://coinmarketcap.com/community/profile/OneArt" rel="noopener noreferrer nofollow">CoinMarketCap Community</a></li><li><a href="https://www.linkedin.com/company/oneart/" rel="noopener noreferrer nofollow">LinkedIn</a></li></ul>

What’s Wrong With NFT on Instagram and Facebook?

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